FRA - BlackRock Floating Rate Income Strategies Fund

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Dec 5, 2025

   The fund said it may sell new shares.

   Original document →

2. Oct 31, 2025

   The fund said it may sell new shares.

   Original document →

3. July 30, 2025

   The fund said it may sell new shares.

   Original document →

4. July 23, 2025

   First Trust Portfolios L.P. now owns 5.4%, as a passive investor.

   Original document →

About this fund

• Run by BlackRock Advisors, LLC. Part of the BlackRock-advised Funds fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $403 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 23% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1% a year in management fees; 2.6% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 11 funds we follow that invest in bank loans, 3 charge a lower management fee and 2 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $37 in the first year and about $305 over 10 years, assuming the holdings return 5% a year. As of Dec 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $1.49 a share. $0.91 of that was income; $0.58 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $12.10. The shares traded at $11.78, about 2.6% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 7.3% below to 10.3% above. As of Dec 31, 2025, from the fund's annual report. Original document →
• How the holdings did: up 1.4% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2003.

How this has changed

• Payouts per share: $1.49 in the fiscal year ended Dec 31, 2025; $1.49 in the year ended Dec 31, 2024; $1.32 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.58 in the year ended Dec 31, 2025; $0.32 in the year ended Dec 31, 2024; $0.07 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.61% a year in the fiscal year ended Dec 31, 2025; 2.95% a year in the year ended Dec 31, 2024; 2.87% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $429 million at Dec 31, 2025; $455 million at Dec 31, 2024; $467 million at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: about 24% on top of its own money at Dec 31, 2025; 26% at Dec 31, 2024; 25% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 35.4 million shares at Dec 31, 2025, up 0.5% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned -3.5%, counting payouts; the holdings +5.8%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +21.7%, counting payouts; the holdings +8.9%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +25.3%, counting payouts; the holdings +15.4%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -10.6%, counting payouts; the holdings -1.3%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +17.7%, counting payouts; the holdings +6.5%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +54.9%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $15,500 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +3.6%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 8 funds that invest in bank loans with a fiscal year ending within six months of this one, 4 reported a higher share return for that year and 3 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly loans (93%), the rest shares and bonds. About 91% issued in the U.S.

1. Invesco Senior Loan ETF - 3%
2. State Street Blackstone Senior Loan ETF - 1.4%
3. Alliant Holdings Intermediate LLC 2025 Term Loan B - 1.3%
4. Hologic Inc 2026 USD Term Loan B - 1.1%
5. TransDigm Inc 2023 Term Loan J - 1.1%
6. Allied Universal Holdco LLC 2025 USD Term Loan B - 1%
7. Beignet Investor LLC - 1%
8. Jane Street Group LLC 2024 Term Loan B1 - 1%
9. Chobani LLC 2025 Term Loan B - 0.9%
10. Flutter Financing BV 2024 Term Loan B - 0.9%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →